川财证券研究所晨报

Core Insights - The report highlights the release of the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" by the State Council, which aims to reduce energy consumption and carbon emissions per unit of GDP by approximately 2.5% and 3.9% respectively in 2024, and achieve a non-fossil energy consumption ratio of around 18.9% [22][16][10] - By 2025, the non-fossil energy consumption ratio is expected to reach about 20%, with energy savings of approximately 50 million tons of standard coal and a reduction of carbon dioxide emissions by about 130 million tons in key sectors and industries [22][10][16] Industry Analysis - The action plan includes nine key tasks, focusing on reducing fossil energy consumption and enhancing non-fossil energy consumption, particularly in high-energy-consuming sectors such as steel, petrochemicals, non-ferrous metals, building materials, energy efficiency in construction, and transportation [32][22] - The core strategy for reducing fossil energy consumption and promoting non-fossil energy consumption involves optimizing the energy consumption structure, enhancing the capacity for renewable energy absorption, and encouraging the use of non-fossil energy [32][22] - For production tasks, the focus is on controlling capacity and output in high-energy-consuming industries, raising entry barriers for new projects, and upgrading old equipment to improve energy efficiency [32][22] - The consumption tasks emphasize updating old equipment and enhancing the recycling of waste equipment [32][22] Market Trends - The report notes a slight decline in the manufacturing Purchasing Managers' Index (PMI) to 49.5% in May, indicating a decrease of 0.9 percentage points from the previous month, reflecting a slowdown in manufacturing activity [19][6] - The report suggests continued attention to new productive forces, public utilities, and electronics as potential investment directions [6][19]